School of Steem - Staking Explained

in tokens •  25 days ago  (edited)

In my opinion, we are currently in the time of the very undervalued price of STEEM and if we look at things in that way, the only logical thing to do is to accumulate coins. Wait for a better price to sell them and payout ourselves. So, if we are looking to accumulate as many coins/tokens at the moment, it would be a good idea to STAKE them and earn more by curating (upvoting) other posts. Let's talk about STAKING.

What is staking? What is Powering Up?

In general, staking is the process of holding funds in a wallet to support the operations of a blockchain network. But, from a STEEM perspective, it is locking funds (POWERING UP) on a certain period of time to get some benefits from the network. The most important benefit is rising the value of your upvote, but also getting more power resources (resource credits) which are used when you create content, comment on the network.

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What is unstaking (powering down)?

It is a process of unlocking staked funds and converting them into liquid STEEM. The process lasts 13 weeks and you will receive an equal weekly portion of powered down funds.

Why should I stake coins/tokens?

Firstly, if you are really serious about the platform you should show your commitment by having staked coins/tokens. By doing that, you are showing your support, but also being active by creating content, commenting and voting, you are using your SP (SteemPower - staked STEEM) and earn more coins. As @jongolson said in his post about Content Creator Survival Kit under the 4. place, if you have a few staked STEEM nobody will take you seriously.

The important thing to say is also the reciprocity of the upvotes... Usually, if you upvote someone on the platform, that person will probably upvote your post also... And if your upvote values more, you will attract others with similar upvote value... This is not a written rule, just an observation...

Powered up STEEM is working for you 365 days and night per year... Just by having staked STEEM, you are earning passive income... Even without upvoting! It's true that it is not too much, but everything counts... Anyway, I suggest you use your SP and upvote content on the platform and earn curation rewards doing that.

Staking Steem-Engine tokens

We were discussing earlier about different types of tribes on STEEM and their pros and cons. Every tribe has it's own token and the majority of them can be staked and used in a similar way as STEEM coin. You can PowerUp tokens, and power down (usually takes less time than STEEM) and you can even delegate staked tokens to others (not possible for all tokens).

Because tribes are in a nutshell smaller (usually niche-oriented) communities, there are a smaller number of stakeholders, which means that you have a chance to be higher ranked on the token rich list.

Again, by doing that you are showing commitment to the tribe and take responsibility for future steps of the whole community. Your upvotes are more valued and your vote counts a lot in every decision in the tribe.

As a major investor in the tribe, you will have the power to keep the token price more stable.

What benefits more do I get with staking STEEM?

More staked STEEM also gives you more influence on approving Steem witnesses (your vote is worth more) and also in voting for SPS proposals. If you want to find more about SPS proposal, check the article about them written by @gadrian.

What is #SPUD?

SPUD is shortened for Steem Power Up Day. It is a day (usually the first day of a month) when Steemians massively power up their STEEM. It is organized by @streetstyle and you can check more about it in his article here.

I would say that staking STEEM and tribe tokens at the moment is a type of long-term investment in your future.

I have probably missed a lot of things, but if you have some questions, please don't hesitate to ask in the comments.

Thank you for your time!

~ph~


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Great explanation of staking and how it works @ph1102, and nice that you kept it all simple so that more people can understand it, and it is as you say if you have no stake noone will take you seriously, so power up and reap the rewards later on, it's awesome.


This post is AWESOME!

It has therefore got a manual 100% upvote from @thisisawesome, for the Awesome Daily Upvotes in category CTPtalk, I give out 1 such vote in that category per day, plus 3 more in other categories, and your post will also be featured in todays Awesome Daily report for more visibility.

The goal of this project is to "highlight Awesome Content, and growing the Steem ecosystem by rewarding it".

Thanks for the comment and upvote! #SPUD day is coming... Prepare your liquid steem for powering up, people!

Hello @ph1102, very interesting your publication, which details the great difference of the stake in steem and token

Yes, indeed... It is easier to be "influencer" in tribes because of the smaller communities... But, that's also depends of tribe...

Thank you for the explanation about staking. I am much more clear about why it is important. I am still learning about this crypto stuff. I am very new to it and find it very confusing

Thanks for the comment... Just try to do it slow and steady... Every day something new... piece by piece...
Anyways, I think that there is no man that knows EVERYTHING that happens on STEEM at the moment... So, don't worry too much about it...
THe most important is to show up every day, create content, engage with others and upvote others...

Cheers!

Good luck on your #SPUD! So, staking tokens means you also earn from them. I suppose I better keep staking them then. Would you have an ideal number or figure of how much staked tokens one should have? Like 500 perhaps? ^_^

Staking tokens is connected with upvoting stuff from that specific tribe... For example, at CTPTalk I have 17k CTP tokens staked and my 100% upvote is valued around 30CTP... which means when I upvote your post you will get 18CTP and I will get 12CTP (roughly)...

I can't tell you the ideal number because of it is different for every tribe and depends of a lot of factors... circulating amount of tokens, number of users, etc..

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